mortgage banking

We know there are going to be attacks everywhere,” Dimon told investors at an annual meeting yesterday at the firm’s New York headquarters. Asked about challengers, the chief executive officer cited companies from Industrial & Commercial Bank of China Ltd. to Google Inc.

JPMorgan Chase & Co.’s first- quarter profit rose 33 percent to a record on expense reductions and an improvement in consumer credit quality that allowed the bank to boost earnings by reducing loan-loss reserves.

Wells Fargo & Co., the most valuable U.S. bank and largest mortgage lender, dropped 4 percent in New York trading after reporting a record third-quarter profit that was marred by narrower profit margins.

Bank of America Corp., shaking off some of the drag caused by faulty mortgages, swung to a second- quarter profit as real estate-unit losses narrowed and the company set aside less money for bad loans.